Blackstone Group: Aadhar Housing Finance Stock Sees Promoter Shift as Entities Restructure Holdings

Synopsis: Aadhar Housing Finance witnessed a complete promoter transition as Blackstone-backed BCP Asia II Holdco VII acquired a 65.07% stake following the open offer. The earlier promoter fully exited. With improving financial performance and institutional backing, the development marks a significant governance and ownership shift for the housing finance company.

Aadhar Housing Finance is currently undergoing a significant change in ownership as a result of the acquisition of a controlling stake by Blackstone-backed companies in an open offer and share purchase agreements. The reclassification, as per SEBI regulations, has resulted in Blackstone being recognised as the new promoter, and the previous promoter group has entirely exited the company. A transition at the promoter level is a significant development for financial institutions, as it affects the standards of governance, strategies, and access to capital.

With a market cap of Rs 20,224 crore, the shares of Aadhar Housing Finance Ltd are trading at Rs 465 and are trading at a PE of 19.4 compared to its industry PE of 14. The shares have given a return of more than 35% since their listing in May 2024.

Control Transfers to Blackstone After Completion of Open Offer

Aadhar Housing Finance has experienced a major shift in ownership after the completion of the open offer and share purchase agreements. Blackstone-syndicated BCP Asia II Holdco VII Pte. Ltd. has successfully acquired control of the company and is now officially recognised as the new promoter. The changeover has occurred under Regulation 31A of SEBI (LODR), signifying a complete transfer of control as of February 26, 2026. The transaction represents an internal share transfer between Blackstone Group entities, leading to a formal promoter reclassification rather than a change in ultimate ownership.

The previous promoter, BCP Topco VII Pte. Ltd., along with the members of the promoter group, has completely divested the company. Before the deal, BCP Topco VII Pte. Ltd. held more than a 75% stake (32.61 crore shares) in the company, which is now zero. This complete divestment indicates a proper transfer of ownership and not a partial transfer, making it clear that the promoter group has not retained any shares.

After the deal, the new owner currently possesses 28.27 crore equity shares, which is approximately 65.07% of the total paid-up equity share capital of Aadhar Housing Finance. With majority control in hand, Blackstone is now set to take charge of the company’s strategic and operational management, preparing the company for the next level of growth.

The outgoing promoters have also confirmed that they do not exercise control, representation on the board, or any special rights in the company, as required by SEBI’s reclassification guidelines. This is a positive step towards ensuring that the company has a proper governance structure in place moving forward, with Blackstone firmly at the reins.

This is not a normal stake transfer but a complete transition of the promoters. With the expertise of Blackstone and access to their global investment expertise and long-term capital, Aadhar Housing Finance can look forward to improved governance standards, expansion plans, and access to capital markets.

Financials 

The revenue from operations for the company stood at Rs 943 crores in Q3 FY26 compared to Q3 FY25 revenue of Rs 798 crores, up by about 18 per cent YoY. Similarly, the net profit stood at Rs 281 crore in Q3 FY26, up compared to the Rs 239 crore profit in Q3 FY25.

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